Healthcare Analytics: The Next Big Thing

Merger of healthcare and IT is not so recent news, but it has really got wired up lately. The global healthcare industry is exhibiting transformation from volume-based to value-based business. Improved quality healthcare, fraud detection, reduced length-of-stay in hospitals and prevention of novel diseases are the main demands put-forth by payers and providers. Introduction of IT into healthcare has made it easy for the care provider to manage whole lot of patient and other healthcare attributes related data. Many big hospitals, clinics and institutes have collaborated to big IT companies to unravel the messed up webs of healthcare records. The concept is simple, i.e. management of data with the help of software, But the execution is pretty complex. It takes highly complicated soft wares which process very large data by bridging multiple sources to come up with an appropriate outcome.

Healthcare analytics consists of recording, storing, sorting, integrating and interpreting of the data. Government healthcare policies, emergence of big data and process in outcome of clinical processes and technology advancement are the major driving forces of this market. Due to its significance and the ease that it brings to manage a big range of data, the healthcare analytics market is rocketing high. The global healthcare analytics market is valued at $6.58 billion in 2014 with CAGR of 23.9% is expected to reach $23.8 billion by 2020. The global healthcare analytics is segmented based on the platforms, applications, components, delivery modes, end users and geography. Depending on the platforms the market is segmented into three type’s namely descriptive, predictive and prescriptive analytics. Descriptive analytics accounted for the largest share of 62% with revenue of $xxx million in 2014 and is expected to reach $xxxx million by 2020 at a CAGR of 17.6%.

Based on application healthcare analytics market is divided into clinical, financial/revenue, administrative/operational, research and other analytical applications. Financial/revenue analytics holds the largest market with a share of 58.3% in 2014 and is expected to reach a share of 60% by 2020 growing at a CAGR of 24.5%.

By the above facts and figure it is quite evident that presently the healthcare analytics is a big thing and with the speed which it is progressing, it is only going to be even bigger and become integral part of healthcare system around the globe.

We specialize in Market Research Consulting, Market Research Reports, Market Sizing Reports, Industry Research Reports, Global Strategic Business Reports etc.